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Bob Larson Marketline Report for Wednesday, December 27th
by Bob Larson, click here for bio

Program: Market Line
Date: December 27, 2017

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This is Bob Larson with the Market Line Report for Wednesday, December 27th. Cattle trading continues to show signs of life. From the floor of the CME in Chicago, here’s Joe Vaclavik …

Joe Vaclavik ... “The live cattle market was sharply higher here on Tuesday. We’ve had kind of an interesting few days here in the market. On Friday, we had a cattle on feed report for the USDA and the report was largely considered to be bearish. The cattle on feed number was a couple of percentage points larger than the trade had expected and up sharply from last year. The placement’s number was much, much larger than expected so the report, at face value, was very bearish and the market did sell-off on Friday following that release. Here on Tuesday, after the 3-day weekend, the market essentially erased all of those losses and rallied to finish the day higher. So, kind of a positive action here despite what was really a bearish report. You know, the cash markets been kind of a mixed bag.”

Chicago March Wheat prices closed yesterday dn 2 ½ at 422 ¼

March corn was up ¾ at 352 ½

Portland prices for soft white wheat of Ordinary Protein for December ended the day up 9 ¼ ranging from 5-20 ¼ to 5-30 Hard Red Winter wheat with 11 ½ % protein, prices for December were dn 2 ¼ ranging from 5-70 to 5-80 DNS wheat with 14 % protein, prices for December were dn ¾ ranging from 7-31 to 7-46

Live Cattle for December were up $1.67 ½ at 121.02 ½ January Feeder cattle are up $2.85 to 144.60 December Class III milk was dn .02 cents at 15.41

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